[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
June 11, 2020
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director(Securities code: 8963)
Asset Manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, President & CEO
Contact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Debt Financing (Refinance)
Invincible Investment Corporation (“INV”) has determined today to obtain new debt financing to refinanceexisting debt.

Details are as follows.

1. Reason for Borrowing
INV has decided to execute a new loan agreement (the "New Borrowing") today in order to repay
borrowings in the amount of JPY 1,000 million due on June 15, 2020, which is one of the tranches of theTerm Loan (C) (Note) with a total outstanding amount of JPY 2,000 million.
(Note)For details of the Term Loan (C), please refer to “4. Details of Loan to be Repaid” below and the press release entitled“Notice concerning New Loan” dated June 13, 2016.

2. Details of the New Borrowing (anticipated)< Term Loan (M) >2-Year Loan
(1) Lender:

Citibank, N.A., Tokyo Branch(2) Borrowing amount:JPY 1,000 million(3) Interest rate, etc.
(4) Borrowing method::

1-month JPY TIBOR (Base Rate) + spread (0.25000%)
Variable interest rate (Note)
Borrowing based on separate term loan agreement dated June11, 2020
Unsecured / with no guarantee(5) Agreement date:June 11, 2020

(6) Anticipated borrowing date:June 15, 2020

(7) Interest payment date:(i) The last Japanese business day of each month before theprincipal maturity date, beginning with June 30, 2020, and (ii) theprincipal maturity dateThis English language notice is a translation of the Japanese-language notice released on June 11, 2020 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

1(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:June 17, 2022

(Note)

・Base rate applicable to each interest calculation period for the interests to be paid on the relevant interest
payment date shall be the 1-month JPY TIBOR announced by Japanese Bankers Association two Japanesebusiness days prior to the immediately preceding interest payment date (in case of the initial interest
calculation period, two Japanese business days prior to the borrowing date).
・JPY TIBOR announced by the Japanese Bankers Association is available at its website(http://www.jbatibor.or.jp/english/).
・Details of our debt financing is available at the “Borrowings & Investment Corporation Bonds” page of INV’swebsite (https://www.invincible-inv.co.jp/en/finance/loan.html).

3. Loan proceeds, use of proceeds and scheduled timing of disbursement(1) Loan proceeds
JPY 1,000 million(2) Use of proceeds
To be appropriated for the repayment of a tranche of Term Loan (C)(3) Scheduled timing of disbursement
June 15, 2020
4. Details of Loan to be Repaid
Term Loan (C)LenderBorrowing
Date

BalancebeforeRepayment(JPY million)

Repayment
Amount(JPY million)

Balanceafter
Repayment(JPY million)

InterestRate(annual)

Maturity
Date

June 15,
2016

1,000

1,000－

0.54091%(Note)

June 15,2020

June 15,2016

1,000－

1,000

0.64091%(Note)

June 15,2021

2,000

1,000

1,000

Citibank,
N.A., Tokyo
BranchTotal(Note)

Borrowing
MethodUnsecured/non-guaranteed

The interest rates applicable as of June 11, 2020 are shown.

5. Future outlook
The impact of the New Borrowing on financial results is minimal.
6. Other matters necessary for investors’ appropriate understanding/judgment of concerned information
With respect to the risks associated with the New Borrowing, please refer to the content of “InvestmentRisks” stated in the securities report for the fiscal period ended December 2019 (from July 1, 2019 toDecember 31, 2019) (available in Japanese only) filed on March 25, 2020.
Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on June 11, 2020 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

2[For reference only]■ Change in balance of interest-bearing liabilities (anticipated)(Unit：JPY million)

Total loans
Total investment
corporation bonds
Total interest-bearing liabilities
Total appraisal value of assets
owned by INV (Note 1)
LTV (based on appraisal value)(Note 2) (%)

Before the New Borrowing(As of June 11, 2020)
255,268

After the New Borrowing(As of June 15, 2020)
255,268

Increase(Decrease)
－

8,200

8,200－

263,468

263,468－

588,036

588,036

－

44.7

44.7

－

(Note 1) Based on the 148 properties owned by INV as of June 11, 2020 (including preferred equity interest in the TMK which holds
Sheraton Grande Tokyo Bay Hotel and the overseas real estate assets (“The Westin Grand Cayman Seven Mile Beach Resort& Spa” and “Sunshine Suites Resort”)). The appraisal values for the 145 properties (including the two overseas real estateassets and excluding preferred equity interest in the TMK) owned by INV as of December 31, 2019 and two properties
acquired on January 6, 2020 are based on figures stated in the appraisal reports on the valuation date of December 31, 2019
and October 1, 2019, respectively. For the preferred equity interest in the TMK which holds Sheraton Grande Tokyo Bay
Hotel as an underlying asset, the acquisition price (INV’s investment amount) of such preferred equity interest, JPY 17,845million, is deemed as the appraisal value. For the appraisal value of overseas real estate assets, the exchange rate of 1
USD = 110.45 JPY is used under the foreign exchange forward entered into on July 26, 2018 and implemented on September26, 2018.
(Note 2) “LTV (based on appraisal value)” in the above table is calculated according to the following formula:
LTV (based on appraisal value) ＝ Total interest-bearing liabilities (excluding short-term consumption tax loan) ÷
Total appraisal value of assets owned by INV × 100“Total interest-bearing liabilities” does not include the interest-bearing liabilities of the TMK which holds Sheraton GrandeTokyo Bay Hotel as an underlying asset.
(Note 3) The amounts are rounded down to the nearest million yen. The percentages are rounded to the nearest one decimal place.

■ Lender formation after the New Borrowing (anticipated)

This English language notice is a translation of the Japanese-language notice released on June 11, 2020 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

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